📈 EUR/CAD Breakout Play on the 4-Hour Chart

21. Mai 2024

Hey traders, let’s dive into EUR/CAD as we see some intriguing action on the 4-hour timeframe. We’re eyeing a potential breakout, so here’s the scoop:

✅ Breakout Potential: The pair is tightening up, forming what seems to be an ascending triangle pattern, pushing against the yellow resistance line at 1.48185. A decisive breakout above this resistance could set up a nice move. Watch for a solid 4-hour candle close above this level to confirm bullish intent.

🔍 Entry Point: If we get our breakout, the entry would be just above the 1.48185 mark, post-confirmation.

🛑 Stop-Loss: To keep things tight, consider placing a stop-loss just below the most recent swing low at around 1.47717 to minimize risk.

🎯 Take Profit: Initial profit targets might look towards the next significant resistance level marked at 1.48590. If the momentum holds, the upper yellow line could be the next stop.

📉 Market Sentiment: Keep an eye on overall market sentiment and any news affecting the Euro or Canadian Dollar, as these could influence price action significantly.